Invest Malaysia 2012–PM Najib Keynote Address
The Next Chapter
Malaysia as ASEAN’s mutinational marketplace of choice. Prime Minister (PM) Najib shared his vision for the next chapter of Malaysia’s transformation story and the future of the country’s capital market at his Keynote Address at IM 2012. PM Najib is determined to put Malaysia ’s capital market in the best position to continue driving the country’s economic growth and be a step ahead of the rest. Five new initatitives were announced to ensure that the capital market stays competitive and has the depth and breadth to drive the national growth agenda:
* To build competency and capability to compete. A Foundation will be set up to address growth gaps in the capital market, with focus on SME growth, innovation and talent nurturing. A MYR100m grant will be allocated to this new Foundation.
* To ensure high-skilled workforce. Companies participating in the Skim Latihan 1Malaysia programme will be given a double tax deduction for the training expenses incurred (wef 1 Jun 2012).
* To promote gender diversity in employment. Companies reemploying women returning to the work force will be given a double tax deduction on training expenses incurred (wef 2013).
* To ensure an efficient, effective and facilitative marketplace. A Capital Market Task Force, to be headed by the Minister of Finance II, will be created – to recommend and implement programmes to streamline regulatory and market management processes.
* To protect investors and the general public. A Consolidated Capital Market Compensation Fund will be established to scale up the existing compensation scheme, and to function as a one-stop centre for investor compensation in the capital market.
Engaging dialogue. PM Najib took a step further to engage the hall-packed audience in a dialogue, entertaining questions ranging from his vision as Malaysia’s Chief Executive, to the upcoming general elections – on why his administration deserves a strong mandate. Excepts:
* His vision as Malaysia’s Chief Executive. PM Najib would like to see more regional champions with plans to grow and becoming global champions. Companies should be more innovative and competitive (without relying on cheap labour and subsidised fuel).
* His vision of Malaysia’s capital marketplace. Eventually, a fair and effective capital market via liberalisation and with the establishment of more funds, especially that of Islamic.
* His thoughts on the ASEAN partnership. ASEAN should remain in “reciprocal” engagements and policies should not be “regressive” which could undermind ASEAN’s economic integration.
* Why he deserves a strong mandate in the upcoming general election. A strong mandate is necessary, so as not to derail the country’s transformation. In essence, his administration offers a realistic long-term programme and roadmap towards a developed nation status, and stays committed to the targets under Vision-2020
by Maybank IB